HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.00 per $10,000 · paid last 24h +0.005%

Price spread now: Backpack against Aevo−0.008%7-day average +0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$430.429% of the position

Long on Aevo Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.040%+$4 on $10k

Price spread, last 3 days (all we have)+0.059%+$6 · spread now −0.008%, 7d avg +0.014%

Together, before fees+0.099%+$10 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.022% cheaper against Aevo than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo HYPE-PERP	94.113	0.0096	pay 0.0012% / 1h	50m 51s	$400K	$318K	20x
Short	Backpack HYPE_USDC_PERP	94.105	0.0100	get 0.0013% / 1h	50m 51s	$7.9M	$10.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Aevo. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee AevobpFee BackpackbpOrdersPrice spread, now −0.008%Rate

Funding earned: $0.84
Price spread: −0.008% → +0.014%: −$2.23
Slippage, 4 orders: −$16.89
Fee Aevo: 8 bp × 2 orders: −$16
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$44.28
Costs to cover: 0.429%
Break-even: 376.0 days

Slippage from Aevo: live order book, 28 min ago; Backpack: live order book, 3 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Aevo live order book, 28 min ago	6.91 bp	17.9 bp −$18	21.8 bp −$218	25.5 bp −$2,545	doesn't fit
Sell Backpack live order book, 3 min ago	0.05 bp	5.1 bp −$5	7.3 bp −$73	82.9 bp −$8,287	doesn't fit

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi HYPE/USDT-P	−0.0600%	1h	93.939	−0.185%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0466%	1h	93.904	−0.222%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.998	−0.122%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.094	−0.020%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.092	−0.022%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.109	−0.004%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.127	+0.015%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.035	−0.083%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	94.110	−0.003%	$176K	$526K	20x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	94.085	−0.029%	$324.7M	$281.2M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0035%	4h	94.101	−0.012%	$8.9M	$35.8M	300x	as long as short
Ondo Perps HYPE-USD.P	+0.0036%	1h	94.020	−0.098%	$704K	$908K	10x	as long as short
Phemex HYPEUSDT	+0.0067%	8h	94.047	−0.070%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0072%	4h	94.103	−0.010%	$44.5M	$58.0M	75x	as long as short
edgeX HYPEUSDC	+0.0073%	4h	93.924	−0.200%	$5.1M	$29.7M	30x	as long as short
MEXC HYPE_USDT	+0.0074%	4h	94.104	−0.009%	$89.3M	$80.9M	100x	as long as short
Binance HYPEUSDT	+0.0076%	4h	94.105	−0.008%	$386.6M	$888.6M	75x	as long as short
Derive HYPE-PERP	+0.0082%	1h	94.052	−0.064%	$16.5M	$6.9M	10x	as long as short
01 Exchange HYPEUSD	+0.0088%	1h	94.123	+0.011%	$86K	$364K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.148	+0.038%	$19.1M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.127	+0.015%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.111	−0.002%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERPlong	+0.0096%	1h	94.113	long leg	$400K	$318K	20x
Paradex HYPE-USD-PERP	+0.0099%	8h	94.106	−0.007%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.100	−0.013%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.088	−0.026%	$5.9M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.111	−0.002%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.094	−0.020%	$116.0M	$317.7M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.109	−0.004%	$47.3M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.101	−0.012%	$227.9M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.091	−0.023%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	94.105	−0.008%	$7.9M	$10.4M	20x
Variational Omni HYPE	+0.0100%	8h	93.882	−0.245%	$32.1M	$53.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.938	−0.186%	$7.6M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.072	−0.043%	$335K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.068	−0.047%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.141	+0.030%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.139	+0.028%	$485K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.103	−0.010%	$113K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.093	−0.021%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.094	−0.020%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.104	−0.009%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.460%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.050	−0.067%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.085	−0.029%	$18.7M	$42.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0124%	8h	94.141	+0.030%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.110	−0.003%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0228%	4h	94.275	+0.173%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.103	−0.011%	$77K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0260%	1h	94.196	+0.089%	$7.4M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.143	+0.032%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0303%	4h	94.097	−0.017%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.092	−0.022%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.205	+0.099%	$21.1M	$29.1M	50x	as long as short
Hyperliquid HYPE	+0.0748%	1h	94.176	+0.067%	$2.05B	$666.3M	10x	as long as short